Insurance: do you have it, should you get it?

[JSGOLD]

Re: Insurance: do you have it, should you get it?

I have to admit..I am getting cold feet here. I know the previous owner had been told the same thing, he never had ANY insurance other than auto and homeowners so maybe there is some mandated coverage but I want to see it in writing on my homeowners and also see if some other insurance is available. $230 a yr sounds more resonable than 50-100 for some insurance with liability....where do you get yours skargo? I would think the folks with 50-100 a yr are getting nothing more than replacement coverage.

 

[ezmobee]

Re: Insurance: do you have it, should you get it?

Boat & Boating Equipment : $4,000.00

Hey Scott, do you know if you're able to up that $4k amount? (like an agreed value kinda thing) I was just thinking that despite what you may have paid for your boat....and despite what it might technically be "worth".....I know it would be difficult to actually replace your boat for $4k should it be destroyed.

 

[ezmobee]

Re: Insurance: do you have it, should you get it?

I would think the folks with 50-100 a yr are getting nothing more than replacement coverage.

And who would pay a hundie or so a year to at most possibly get a grand or 2 back in the event their boat was destroyed? I'm thinking I'd "self-insure" before I'd do that kinda policy.

For what it's worth, I got a quote of something like $170 a year from BoatUS for basically just a decent amount of liability coverage. I haven't pulled the trigger yet. I know I should especially since I've been boating in more populated areas. I'm just irritated that I can't get boat coverage through USAA where I have everything else in my financial life. I like being to take care of everything on 1 web site.

 

[SeanT]

Re: Insurance: do you have it, should you get it?

I am a bit puzzled...maybe the laws differ from state to state. We just bought our first boat and the FIRST thing I did was ask about insurance. Here is what I was told. Our insurance agent told me that in West Virginia I could not get insurance on the boat because it was over 25 yrs old. I added I only wanted liabilty insurance to which she replied no. The only insurance I could have got if the boat was newer was to cover the boat only for replacement damages. A 33 yr old boat did not qualify. When towing the boat / trailer my auto insurance would cover any damages etc. and when boating my HOMEOWNERS insurance would be responsible....we have those also with the same agent. Seems a bit odd but that was what we were told....I wonder what happens if a person had no home owners insurance? Scary stuff....

My insurance company gave me a similar story when i tried to insure my old 20 year old IO. They said it was too old to insure. So I pressed them and told them that if it mattered I just wanted liability only, I didn't care about replacement value. They ended up agreeing to ensure it after I reasoned with someone.

But it ended up being too late for them. I called up State Farm while I was waiting for my own insurance company to phone me back and they basically insured me over the phone.

I have a newer boat now, which is still insured with State Farm. But I'm getting a quote from my home/auto company right now and if it's cheaper I'll switch.

 

[SeanT]

Re: Insurance: do you have it, should you get it?

Oh and don't take it over the phone that your home liability insurance covers you while boating. That agent is clueless - at minimum they need to add a rider to include the boat under your home policy.

 

[golf101]

Re: Insurance: do you have it, should you get it?

Interesting you mention State Farm. I looked on their website earlier and was thinking of calling them as they have some good looking boat policies. I have Encompass and am insisting on more information on what they do and don't do. If they cover me with liabilty thru homeowners fine, but I have a lot of new questions that need answered. I will have a lot of money tied up in this boat when we get ready for spring....so I may look elsewhere like State Farm for some coverage for the replacement cost of the boat as well.

I have Encompass for my boat that was just totalled, and it is replacement coverage. I think the premium was $650/year.

 

[JSGOLD]

Re: Insurance: do you have it, should you get it?

The girl I deal with emailed me the part of my home owners policy that "covers" boats. Of course it does nothing for replacement costs(a 1500 dollar boat) but I am concerned that the wording I saw applied to 50HP or less boats...mine is 55. Too many grey areas for me. My wife thinks I am over doing it but you have to protect yourself. Plus, I figure to have 2500-3000 dollars invested here so I would prefer some kind of replacement cost.

 

[SeanT]

Re: Insurance: do you have it, should you get it?

That's exactly the kind of wiggle room they use. You are not overdoing it. Make it clear.

Replacement cost is minor to be perfectly honest. Liability is what you need, you don't want to end up paying someone else's hospital bills because they were being stupid on your boat.

 

[Y-Guy]

Re: Insurance: do you have it, should you get it?

Got our new boat on Friday, and had the Insurance setup the day before. Quoted with 3 companies, went with State Farm as they had the best overall coverage for the price... and they didn't jerk me around like one of the other places did.

 

[skargo]

Re: Insurance: do you have it, should you get it?

Hey Scott, do you know if you're able to up that $4k amount? (like an agreed value kinda thing) I was just thinking that despite what you may have paid for your boat....and despite what it might technically be "worth".....I know it would be difficult to actually replace your boat for $4k should it be destroyed.

That is the agreed value, and the highest they would go. I sent them at least a hundred photos but they still wouldn't budge!

I would be up the creek if it got totaled, it would be very hard to find one that was taken care of this well, with this low of hours on the clock. It's too old according to many companies I spoke with. I'll try again when it's time to re-up next year. I would take the money and ad to it if such an unfortunate thing were to occur.

My homeowners would cover it if it's in my garage, hence why we are building on to cover it. I can have a lean to over it and I'm covered, but not if it's in the driveway
I still don't see how any homeowners would cover on the water.

And how do people who rent their homes insure their boat in WV?

 

[JSGOLD]

Re: Insurance: do you have it, should you get it?

Well we checked into this again and yes, our homeowners has a clause in it that covers motorboats(we have house and auto wih these people) but it would not really help me much as it only covers 50HP or less and has more holes in it than the SS Minnow....
We had our insurance agent check and she came back with a decent boat policy from Progressive, 100 bucks for liabilty and 150 for coverage (2K) on the boat and liabilty. I am opting for the latter as I will have that much or more tied up in it. But the liabilty looks good. Not as much coverage on fuel spill as the policy mentioned earlier but still good at 100K. Anyway I am glad I found this forum!

 

[rspar]

Re: Insurance: do you have it, should you get it?

Got ours from AAA

 

[JSGOLD]

Re: Insurance: do you have it, should you get it?

And how do people who rent their homes insure their boat in WV?
_________________

My guess is a lot do NOT, epecially older and smaller boats....it is possible that some who have renters insurance would have SOME protection but as I have seen it is weak. I am sure most larger boat owners will do as I did and grab some insurance from insurance companies who offer this service. Clearly, Encompass did not offer this as I wanted, although they do offer replacement policies for new boats. I plan to ask around just to see though as I meet others that have these.

 

[justchange]

Re: Insurance: do you have it, should you get it?

As my Mama used to say, if your gonna play, you gotta pay. Don't risk it, anything can happen and people who you think are your friends will destroy you financially if they are forced to by an accidental injury or mishap.

Who says they'd have to be "forced"? Not from what I see.


My boat is 1976. I have it insured for the liability mostly. I do have comp, etc on it as well. Not worth takin the chance for $250 per year.

If someone on your craft or not gets injured when you could be held liable, if your boat falls off the trailer in traffic and 10 or more vehicles get damaged, can you afford to pay for all of that?---Doubt it.

 

[zktk01]

Re: Insurance: do you have it, should you get it?

After reading this I called and got a quote for $117 annually full coverage Sate Farm. I am new to boating and realy never considered it because I just had a older used boat.

 

[GeoHawk]

Re: Insurance: do you have it, should you get it?

Libtard / Conservatard - Those are pretty good.

Never crossed my mind to not get insurance for my old boat or the new one.

Paid $170/year for the old one and about $370/year for the new one.

 

[timmyjoebob]

Re: Insurance: do you have it, should you get it?

Yes. No brainer.

But I haven't heard anybody mention that if you financed your boat, it's required. I paid cash for mine, but I know of no bank that doesn't want to protect their investment.

Personally, I can't believe the experienced boaters we have in this forum would go out on the water without insurance. I wish I knew where they boated so I could go elsewhere.

 

[scutly]

Re: Insurance: do you have it, should you get it?

i just insured her after reading this thread.

100,000-liability per accident
2,500 - medical
50,000-uninsured
17,500 - agreed upon value
1,000 deductable

12 months for $275 from progressive who i have my cars with. boatUS quoted me a little more.

i only paid $8,000 for her with a 2002 ventura dual axle trailer! if she a total loss, i would get $16,500 and still have a trailer. the agreed upon value is the way to go IMO. i did this online and tried to insure her for $20,000 and my request got kicked back due to age of the boat. i typed in $17,500 and it went through. in the beginning i had three types of coverage to choose from. liability only, depreciated value and agreed upon value. they have electronics, personal property (cameras, cellphones, laptops, sunglasses) and fishing equipment coverages too for a few dollars more but they all had $250 deductibles and i don't own anything all that expensive.

 

[JimMH]

Re: Insurance: do you have it, should you get it?

In today's world I wouldn't do anything that requires the use of a motorized vehicle, Boat, motorcyle, atv, etc without insurance.

 

[itsaboattime]

Re: Insurance: do you have it, should you get it?

After reading a recent thread, it reminded me of a horrible accident I saw some years back. And one just last summer.

First, a buddy of mine and an experienced boater, had his daughters freind on the tube. She fell off and before he could see what happened, she grabbed the rope. As he turned to get back to her, the rope tightened around her arm and filleted it to the bone. We were welling but by the time he figured it out, it was too late. We rushed over, cut the rope and called 911 to meet us at the ramp. NO insurance on his boat. SUED! Still paying. Has no boat, camper, or truck to pull it even if he did.

Story two, last year, got waved over to a boat. Pulled up to find a guy sitting in the boat, blood all over. He had fallen over the side, prop got his ankle. I bandaged him up as best I could and told them him to get to the E.R.
The victim said he did not have insurance and neither did the boat owner.
I saw him a few weeks ago. He never did get medical attention and his ankle healed improperly.

These are just two stroies that I have been a personal part of. There are many more reasons to carry insurance than just replacing your boat.

So I ask you, do you have insurance, or do you think maybe you should get some?

Hey Thad........Was that first first accident on the rock?? I seem to remember hearing about an accident like this about 6 years ago.

I do carry liability on the boat. Its seasonal though. Kinda like my motorcycle coverage but with no "nice day" option.

I think it may be law here in Illinois. I seem to remember the DNR doing spot checks at the ramp in Oregon, Il. They were checking safety equiptment and I think they asked me for proof of insurance.